Pi Network Crashes to $0.0625 — a New All-Time Low 98% Below Its Peak: 5 Numbers That Decide If the November 17 Summit Saves It
Pi Network's PI token hit a record low of $0.0625 on November 9 — down 98% from its $2.98 peak. With the first Ecosystem Summit starting November 17 and a $200,000 hackathon on the line, here are the 5 numbers that decide whether PI bounces or breaks $0.05.
Pi Network's PI token crashed to a record low of $0.0625 on Monday, November 9 — down 98% from its $2.98 all-time high and 13% in a single day. The token that tens of millions of people mined for free on their phones is now worth less than seven cents, and the project's first-ever Ecosystem Summit, starting November 17, is the last obvious catalyst standing between PI and $0.05. Here are the five numbers that decide what happens next.
Bitcoin fell too on Monday, but only about 1.5% to roughly $74,500. Ethereum dropped around 5% to $2,130. PI fell almost nine times faster than Bitcoin in 24 hours — and unlike Bitcoin, it has no exchange-traded fund, no corporate treasury buyer and no listing on Binance or Coinbase to catch it. This article explains what Pi Network actually is, why its token keeps making new lows, what the November 17 summit could change, and the three scenarios that decide whether PI bounces from here or breaks $0.05.
What Happened Today: PI's Record Low in 5 Numbers
PI's slide on November 9 was not a slow bleed. It was a sharp, high-volume break below a level that had held since July. The numbers, drawn from CoinMarketCap data reported by CoinGape, FXStreet and Ranzware, tell the story:
- $0.0625 — the new all-time low. PI touched $0.0625 intraday on November 9, breaking the previous record low of about $0.0704 set on July 14, 2026. It later bounced slightly to around $0.0656–$0.0667, but the old floor is now overhead resistance.
- -13% in 24 hours. PI fell roughly 13–14% in a single day, and nearly 20% over the past week, according to CoinGape and Ranzware. Bitcoin, by comparison, fell about 1.5% in the same 24 hours.
- -98% from the peak. PI's all-time high was $2.98 in late February 2025, days after its mainnet launch. At $0.0625, the token has surrendered almost 98% of that value in under nine months.
- $720 million market cap, rank 69. PI's market value has shrunk to roughly $720 million, making it the 69th-largest cryptocurrency on CoinMarketCap — down from a top-30 position at launch.
- Volume up 230%. Trading volume surged 230% to about $13 million as the low broke, per CoinMarketCap data cited by CoinGape.
Derivatives data confirms the exit. PI open interest fell to $6.57 million on Monday from $8.54 million the previous week, a 23% drop in the notional value of active positions, according to Blockworks data reported by FXStreet. Traders are not just selling spot — they are closing leveraged positions and walking away.
What Is Pi Network?
Pi Network launched in 2019, founded by Stanford graduates Nicolas Kokkalis and Chengdiao Fan. Its pitch was radically different from Bitcoin's: instead of buying expensive mining hardware, anyone could "mine" PI by tapping a button in a phone app once a day. No energy-hungry computers, no upfront cost — just a daily check-in. The project says more than 60 million people joined, making it one of the largest crypto communities ever assembled before its token even traded.
For years, PI existed only inside the app. It could not be bought or sold on any exchange. That changed on February 20, 2025, when the network's open mainnet launched and PI began trading publicly. The token spiked to $2.98 within days — then the selling started, and it has barely stopped since.
Understanding why requires understanding what PI is not. It is not a store of value like Bitcoin, which has a fixed 21 million supply cap and is now held by governments, pension funds and public companies. It is not a smart-contract platform like Ethereum or Solana, where thousands of apps generate daily fees. PI is the token of a mobile-first network whose main product, so far, has been the mining app itself. The network counts more than 300 mainnet apps, but that is small against the thousands live on Ethereum and Solana — a gap our earlier analysis of the Protocol 28 upgrade and PI's $0.10 question also flagged.
The supply picture makes it worse. CoinGecko data cited by crypto.news puts PI's circulating supply at roughly 11.34 billion tokens against a maximum supply of 100 billion. That means nearly 89% of all PI that will ever exist has not entered circulation yet. Every token unlock, migration wave or new listing adds sellable supply to a market where daily turnover is only around $5–13 million. When supply grows faster than demand, price falls — and for PI, that imbalance has lasted most of 2026.
PI vs the Market: How Bad Is -98% Really?
A 98% drawdown sounds catastrophic, and it is. But context matters: November 9 was a brutal day across crypto, and PI was not the only asset at multi-month lows. The difference is the scale of the underperformance.
| Asset | Price Nov 9 | 24h change | 30-day change | Distance from all-time high |
|---|---|---|---|---|
| Bitcoin (BTC) | ~$74,500 | -1.5% | -10% | -41% |
| Ethereum (ETH) | ~$2,130 | -5% | -25% | -56% |
| Solana (SOL) | ~$87 | -2.4% | -20% | -70% |
| XRP | ~$1.09 | -5.5% | -21% | -72% |
| Pi Network (PI) | ~$0.066 | -13% | -20% | -98% |
Two things stand out. First, PI's 30-day decline of about 20% is roughly in line with XRP and Solana — the whole market fell together in the past month. Second, PI's distance from its peak is in a different league: -98% versus -41% for Bitcoin and -56% for Ethereum. The other majors are in a correction. PI is in a near-total collapse from its launch price.
The same pattern shows up in the majors' own comparison. Our Bitcoin vs Ethereum vs Solana vs XRP comparison found Bitcoin holding up best after the $1 billion liquidation wipeout — and on November 9, only five of the top 100 coins gained even 1%. PI was not one of them. When the market turns risk-off, capital flees the weakest assets first, and PI — with no ETF, no institutional bid and thin liquidity — is near the front of that queue.
Why PI Keeps Falling While Bitcoin Holds $74,000
Five forces are pushing PI down, and only one of them is the broader market.
1. Unlocks keep adding supply. With 11.34 billion PI circulating and a 100 billion maximum, the overhang is enormous. Mined tokens continue to migrate to the mainnet and become sellable. Each wave of newly unlocked PI meets a market with almost no new buyers, so each wave pushes the price lower. This is the structural problem no single event has fixed.
2. No tier-1 exchange listing. PI trades on OKX, Bitget, MEXC and Gate.io, but it is still absent from Binance and Coinbase — the two exchanges where most new crypto buyers start. Without a tier-1 listing, PI misses the largest pool of potential demand, and every rumour of a listing that fails to materialise becomes another sell-the-news event. Our complete beginner's guide to buying Bitcoin explains why liquidity and venue choice matter.
3. Demand for the network's services is thin. A token's price ultimately rests on people needing it for something. PI's ecosystem — 300-plus mainnet apps, a developer launchpad, a growing AI push — has not yet produced a must-use application that generates sustained PI demand. Until using the network requires holding PI, the token is mostly a speculative asset with a very large community and very little utility-driven buying.
4. The macro backdrop turned hostile. November 9's sell-off was driven by a tech-stock rout — Nvidia fell sharply on a CEO scandal — and by $1 billion in crypto liquidations. The October CPI report lands on Tuesday, November 10, and traders are positioned defensively ahead of it. In that environment, high-beta, low-liquidity tokens like PI fall hardest.
5. Holders are losing patience. PI's community, the "Pioneers," waited six years for a tradable token. Many mined PI for years expecting life-changing money, and each new low tests that patience. When long-term holders start selling — as the 230% volume spike suggests they did on Monday — there is no institutional buyer on the other side. That is the difference between PI and Bitcoin: when Bitcoin fell below $75,000, Strategy was still buying, and ETF buyers eventually return. PI has no equivalent backstop.
The November 17 Summit: 3 Things That Could Actually Move PI
The next date on PI's calendar is not a token unlock or an exchange rumour. It is the project's first-ever Ecosystem Summit, running online from November 17 to 19. The agenda, published at the start of November and detailed over the weekend, features platform launches, technical demos, founder appearances, an AI focus — and a hackathon with a $200,000 prize pool. That is a real event with real deliverables, and it is why PI was trending in CoinGecko's top three coins even as its price hit record lows, according to CryptoRank.
Three summit outcomes would matter for the price:
1. A genuine AI product, not just an AI announcement. Pi Network has been pushing hard into AI — the summit agenda leans on it heavily. If the team launches a working AI tool that requires PI to use, that creates the utility demand the token has lacked. If it is only a roadmap slide, traders will sell it the same way they sold every previous update.
2. A major exchange or payments announcement. The summit's platform launches could include a payments integration or a new listing. A Binance or Coinbase listing would be the single biggest positive catalyst available to PI — but the project has teased exchange news before without delivering, so the market will demand proof, not hints.
3. A credible plan for the supply overhang. With 89% of maximum supply still to come, holders need to hear how unlocks will be managed. A burn mechanism, a lock-up schedule or a staking programme that takes PI out of circulation would change the supply-demand maths. Without one, every rally will meet the same wall of newly unlocked tokens.
The honest caveat: previous Pi updates have not generated clear token demand. CryptoRank's own reporting notes that earlier announcements left PI trading more than 97% below its peak, with holders still waiting for real demand. The summit has eight days to prove it is different.
Bull, Base, Bear: 3 Scenarios for PI After the Summit
PI's chart gives us the levels. Resistance sits at the old record low of $0.0704, then an overhead trendline at $0.0757, the 50-day moving average at $0.0803 and the 200-day average at $0.1101, per FXStreet's technical read. Support below is psychological: $0.060, then the 123.6% Fibonacci extension at $0.058, per CoinGape. Forecast models from CoinCodex and CoinCheckup, reviewed on October 23, projected a December 2026 average of about $0.063 — essentially where PI trades now.
| Scenario | Trigger | Price target | Probability |
|---|---|---|---|
| Bull: summit delivers | Working AI product or tier-1 listing announced Nov 17–19; volume holds above $20M/day | $0.10–$0.15 | 20% |
| Base: summit disappoints, market stabilises | No major announcement; CPI comes in at 0.2–0.3% and Bitcoin holds $73,000 | $0.058–$0.075 | 50% |
| Bear: unlocks + weak CPI | Hot CPI on Nov 10; Bitcoin breaks $73,000; summit produces only roadmaps | $0.05 or below | 30% |
The base case is a grind, not a recovery: PI chops between $0.058 and $0.075 while the market waits for proof. The bull case needs a real product, not a press release — a 50% rally to $0.10 would still leave PI 97% below its peak. And the bear case is not far away: at $0.0625, PI is only about 4% above the $0.060 psychological level, and a hot CPI print on Tuesday could take the whole market lower before the summit even starts.
Even in the bull case, PI would need to rise roughly 4,400% to reclaim its $2.98 peak. Anyone buying PI today is betting that a token down 98% can stop falling — a very different bet, and one that should be sized accordingly. If you are new to crypto and thinking about any purchase, start with the basics: our guide to the best crypto wallets for beginners covers how to hold coins safely, and our crypto staking explainer shows how some tokens generate yield while you wait — something PI does not currently offer.
5 Things Most People Get Wrong About Pi Network
Myth 1: "PI was free to mine, so any price is profit." True for early miners who tapped a button — but millions bought PI on exchanges at $1, $2 or nearly $3. For them, this is a 98% loss, not free money. The "free" framing ignores the buyers who provided the exit liquidity.
Myth 2: "60 million users means the price must recover." A large community is not the same as large demand. Most Pioneers mined PI for free and hold small balances; what matters is how many are willing to buy PI with fresh money at current prices. So far, the answer is: not enough to absorb the unlocks.
Myth 3: "The summit will definitely pump PI." Events are priced in advance, and PI has a history of selling off into its own announcements. The October 29 developer update kept launchpad price charts on testnet and moved nothing. A summit only helps if it delivers something the market did not already expect.
Myth 4: "PI is down 98%, so it can only go up." A token down 98% can still fall another 50% — from $0.0625 to $0.031. Percentage losses have no floor. What stops a fall is buying, not arithmetic.
Myth 5: "Pi Network is a scam because the price crashed." A crashing price is not evidence of fraud. Pi Network is a real project with a real mainnet, real apps and a real (if small) developer ecosystem. Its problem is economics — too much supply, too little demand — not necessarily dishonesty. That distinction matters, because it means the fix is also economic: create demand or reduce supply.
What to Watch Next: A Checklist
- Tuesday, November 10, 8:30 a.m. ET: October CPI. Consensus is around 0.2–0.3% month-on-month. A hot number hits Bitcoin first and PI harder.
- $0.060: the next psychological level. If PI closes a day below it, the $0.058 Fibonacci extension is next, and analysts cited by CoinGape see $0.05 as the following target.
- $0.0704: the old record low, now resistance. Reclaiming it would be the first sign sellers are exhausted.
- November 17–19: the Ecosystem Summit. Watch for a working product launch, not just announcements — and for any exchange or payments news.
- Unlock and migration data: any acceleration in mainnet migrations adds sellable supply. The supply overhang is PI's biggest structural headwind.
- Volume: Monday's $13 million was panic selling. Sustained volume above $20 million with a rising price would signal real buying; the same volume with a falling price signals more capitulation.
Frequently Asked Questions
What is Pi Network's all-time low?
PI hit a new all-time low of $0.0625 on November 9, 2026, breaking the previous record low of about $0.0704 set on July 14, 2026. It later traded around $0.0656–$0.0667.
Why is Pi Network crashing?
PI fell about 13% on November 9 as part of a broader crypto sell-off, but it fell far harder than Bitcoin (-1.5%) because of its own problems: continuous token unlocks adding supply, thin liquidity, no listing on Binance or Coinbase, weak demand for network services, and fading holder patience after a 98% decline from its peak.
How far is PI from its all-time high?
PI's all-time high was $2.98 in late February 2025. At $0.0625, the token is down about 98% from that peak. It would need to rise roughly 4,400% to reclaim it.
When is the Pi Network Ecosystem Summit?
The first Pi Ecosystem Summit runs online from November 17 to 19, 2026. It features platform launches, technical demos, founder appearances, an AI focus and a hackathon with a $200,000 prize pool.
Can PI recover to $1?
At $1, PI's market cap would be roughly $11 billion at current circulating supply — about 15 times today's value. That would require a major catalyst such as a tier-1 listing, a product that creates real PI demand, or a supply burn. Forecast models reviewed in late October projected a December 2026 average of about $0.063, suggesting analysts expect PI to stay near current levels without such a catalyst. This is not investment advice.
Where can I buy Pi Network (PI)?
PI trades on OKX, Bitget, MEXC and Gate.io, among others. It is not listed on Binance or Coinbase. Always check a token's contract and the exchange's reputation before buying, and store coins in a wallet you control — see our guide to the best crypto wallets for beginners.
Conclusion
Pi Network's record low is not just another red day in a red market. At $0.0625, PI has lost 98% of its peak value, broken a floor that held for five months, and done it on the highest volume in weeks — while its own community summit is still eight days away. The token's problem is not a single bad day. It is the slow grind of supply outrunning demand, month after month, with no tier-1 listing and no must-use product to break the cycle.
The November 17 summit is the genuine test. If it produces a working AI product, a major listing or a credible plan to manage the supply overhang, PI has a real path to $0.10 and beyond. If it produces only roadmaps and promises, the base case is a grind between $0.058 and $0.075 — and a hot CPI print on Tuesday could push PI to $0.05 before the summit even begins. For the millions of Pioneers still holding, the next ten days will answer the only question that matters: does Pi Network have a product, or just a community?
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency prices are volatile, and PI is a high-risk asset that has lost 98% of its value from its peak.
